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MIRA INFORM REPORT
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Report No. : |
486668 |
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Report Date : |
19.01.2018 |
IDENTIFICATION DETAILS
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Name : |
INTER-WIRE PRODUCTS, INC. |
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Registered Office : |
251 Little Falls Drive, Wilmington, New Castle, De, 19808, USA |
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Country : |
United States |
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Date of Incorporation : |
14.10.1981 |
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Legal Form : |
Corporation |
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Line of Business : |
Subject distributes a range of wire products and material to the
construction industry. |
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No. of Employees : |
100 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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United States |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
UNITED STATES - ECONOMIC OVERVIEW
The US has the most technologically powerful economy in the world, with
a per capita GDP of $57,300. US firms are at or near the forefront in
technological advances, especially in computers, pharmaceuticals, and medical,
aerospace, and military equipment; however, their advantage has narrowed since
the end of World War II. Based on a comparison of GDP measured at purchasing
power parity conversion rates, the US economy in 2014, having stood as the largest
in the world for more than a century, slipped into second place behind China,
which has more than tripled the US growth rate for each year of the past four
decades.
In the US, private individuals and business firms make most of the
decisions, and the federal and state governments buy needed goods and services
predominantly in the private marketplace. US business firms enjoy greater
flexibility than their counterparts in Western Europe and Japan in decisions to
expand capital plant, to lay off surplus workers, and to develop new products.
At the same time, businesses face higher barriers to enter their rivals' home
markets than foreign firms face entering US markets.
Long-term problems for the US include stagnation of wages for
lower-income families, inadequate investment in deteriorating infrastructure,
rapidly rising medical and pension costs of an aging population, energy
shortages, and sizable current account and budget deficits.
The onrush of technology has been a driving factor in the gradual development
of a "two-tier" labor market in which those at the bottom lack the
education and the professional/technical skills of those at the top and, more
and more, fail to get comparable pay raises, health insurance coverage, and
other benefits. But the globalization of trade, and especially the rise of
low-wage producers such as China, has put additional downward pressure on wages
and upward pressure on the return to capital. Since 1975, practically all the
gains in household income have gone to the top 20% of households. Since 1996,
dividends and capital gains have grown faster than wages or any other category
of after-tax income.
Imported oil accounts for nearly 55% of US consumption and oil has a
major impact on the overall health of the economy. Crude oil prices doubled
between 2001 and 2006, the year home prices peaked; higher gasoline prices ate
into consumers' budgets and many individuals fell behind in their mortgage
payments. Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures
more than doubled in the same period. Besides dampening the housing market,
soaring oil prices caused a drop in the value of the dollar and a deterioration
in the US merchandise trade deficit, which peaked at $840 billion in 2008.
Because the US economy is energy-intensive, falling oil prices since 2013 have
alleviated many of the problems the earlier increases had created.
The sub-prime mortgage crisis, falling home prices, investment bank
failures, tight credit, and the global economic downturn pushed the US into a
recession by mid-2008. GDP contracted until the third quarter of 2009, making
this the deepest and longest downturn since the Great Depression. To help
stabilize financial markets, the US Congress established a $700 billion
Troubled Asset Relief Program (TARP) in October 2008. The government used some
of these funds to purchase equity in US banks and industrial corporations, much
of which had been returned to the government by early 2011. In January 2009,
Congress passed and President Barack OBAMA signed a bill providing an
additional $787 billion fiscal stimulus to be used over 10 years - two-thirds
on additional spending and one-third on tax cuts - to create jobs and to help
the economy recover. In 2010 and 2011, the federal budget deficit reached
nearly 9% of GDP. In 2012, the Federal Government reduced the growth of
spending and the deficit shrank to 7.6% of GDP. US revenues from taxes and
other sources are lower, as a percentage of GDP, than those of most other
countries.
Wars in Iraq and Afghanistan required major shifts in national resources
from civilian to military purposes and contributed to the growth of the budget
deficit and public debt. Through 2014, the direct costs of the wars totaled
more than $1.5 trillion, according to US Government figures.
In March 2010, President OBAMA signed into law the Patient Protection
and Affordable Care Act, a health insurance reform that was designed to extend
coverage to an additional 32 million Americans by 2016, through private health
insurance for the general population and Medicaid for the impoverished. Total
spending on healthcare - public plus private - rose from 9.0% of GDP in 1980 to
17.9% in 2010.
In July 2010, the president signed the DODD-FRANK Wall Street Reform and
Consumer Protection Act, a law designed to promote financial stability by
protecting consumers from financial abuses, ending taxpayer bailouts of
financial firms, dealing with troubled banks that are "too big to
fail," and improving accountability and transparency in the financial
system - in particular, by requiring certain financial derivatives to be traded
in markets that are subject to government regulation and oversight.
In December 2012, the Federal Reserve Board (Fed) announced plans to
purchase $85 billion per month of mortgage-backed and Treasury securities in an
effort to hold down long-term interest rates, and to keep short-term rates near
zero until unemployment dropped below 6.5% or inflation rose above 2.5%. In
late 2013, the Fed announced that it would begin scaling back long-term bond
purchases to $75 billion per month in January 2014 and further reduce them as
conditions warranted; the Fed ended the purchases during the summer of 2014. In
2014, the unemployment rate dropped to 6.2%, and continued to fall to 5.5% by
mid-2015, the lowest rate of joblessness since before the global recession
began; inflation stood at 1.7%, and public debt as a share of GDP continued to
decline, following several years of increases. In December 2015, the Fed raised
its target for the benchmark federal funds rate by 0.25%, the first increase
since the recession began. With US GDP growth below 2%, the Fed has opted to
raise rates three times since then, and in mid-June 2017, the range for the
target rate stood at 1% to 1.25%.
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Source
: CIA |
STATUTORY
INFORMATION
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Legal Name: |
INTER-WIRE PRODUCTS, INC. |
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Trade Names: |
INTER-WIRE PRODUCTS, INC. |
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ID: |
924403 |
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Date Created: |
1981 |
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Date Incorporated: |
10/14/1981 |
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Legal Address: |
251 Little Falls Drive, Wilmington, New Castle, De, 19808, USA |
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Operative Address: |
355 Main Street Armonk, NY 10504, USA |
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Telephone: |
+1 914-273-6633 |
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Fax: |
+1 914 273 6848 |
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Legal Form: |
Corporation |
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Email: |
rchellis@interwiregroup.com |
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Registered in: |
DELAWARE |
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Website: |
www.interwiregroup.com |
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Contact: |
Mr. Ted Davis - President |
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Staff: |
100 |
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Activity: |
NAICS 1: Metal Service Centers and Other Metal Merchant Wholesalers SIC 1: Metal Wires, Ties, Cables, And Screening |
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Banks: |
BANK OF AMERICA |
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History: |
InterWire Group, Inc. was founded in 1981 by Frank Cardile. |
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PRINCIPAL
ACTIVITY
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InterWire Group, Inc. distributes a range of wire products and
material to the construction industry. |
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Products/Services description: |
It offers carbon steel wires that include phosphate coated music,
galvanized music, tinned coated music, zinc-aluminum coated music, bright
hard drawn MB, galvanized hard drawn MB, zinc-aluminum coated hard drawn MB, bright
basic low carbon, galvanized low carbon basic, oil tempered, oil tempered
chrome silicon commercial quality, oil tempered chrome vanadium commercial
quality, and oil tempered valve spring wires; stainless steel spring and off
tempered wire; and non-ferrous and nickel alloy wires that include beryllium
copper bare/silver/tinned, phosphor bronze, copper alloy, nickel silver,
aluminum alloy, and monel wires. The company also provides medical wires that
include nitinol and titanium grade wires; flat and shaped wires that include
oil tempered, carbon steel, stainless steel, and alloy wires; strand and
cable wires that include stainless strand and cable, galvanized strand and
cable, and jacketed strand and cable wires; and brush and staple wires that
include oil tempered, galvanized coated, hard drawn, stainless steel, nickel
silver, nylon coated, phosphorous bronze, brass, and tin coated wires. In
addition, it offers technical assistance and various packaging services,
including spools, cores, reels, and carriers; and a range of flat, square,
rounded edge, profiles, half rounds, and other custom shapes. |
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Brands: |
INTERWIRE |
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Sales are: |
Wholesale |
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Clients: |
The company serves aerospace, aggregate, agriculture, automotive,
brush wire, communications, construction, HVAC, marine, medical, oil and gas,
printing, and textile markets. |
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Suppliers: |
Gustav Wolf Strahldrahtwerk Gmbh Kts Wire Industries Ltd Far Spa Fasten Group Imp.& Exp.Co. Ltd. Tianjin Huayuan Metal Wire Products |
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Operations area: |
National and International |
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The company imports from |
GERMANY UNITED KINGDOM ITALY CHINA SOUTH KOREA |
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The company exports to |
No export found. |
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The subject employs |
100 employees |
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Payments: |
No Complaints |
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LOCATION
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Headquarters : |
355 MAIN STREET ARMONK, NY 10504, USA |
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Comments on Address: |
- |
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Branches: |
The company has six branches in the USA. Some of them are: CALIFORNIA 6603 Darin Way Cypress, CA, 90630 United States CONNECTICUT 50 Broderick Rd Bristol, Connecticut 06010-7736 United States TEXAS 1025 Avenue S Ste 300 Grand Prairie, Texas 75050-1196 United States |
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Related Companies: |
MEXICO Av Tepeyac 1420 D Parque Industrial Odonnell Aeropuerto El Marques, Queretaro C.P. 76250 Mexico Interwire Products Costa Rica Limited Flexipark Free Zone, Bldg E-12 San Rafael de Alajuela Costa Rica |
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GROUP
STRUCTURE AND SUBSIDIARY COMPANIES
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Listed at the stock exchange: |
NO |
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Capital: |
NA |
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Shareholders: |
This is a private company. The major holder is: Deborah Cardile |
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Management: |
Mr. Ted Davis - President Mr. Dan Sinclair - General Manager of Michigan Joe Szucs - Vice President of Michigan Division Pete Rosa - General Manager of Mexico Operations |
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FINANCIAL
INFORMATION
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The company does not make its financial
statements public. The following information has been provided by private
sources: |
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USD 2016 / Estimated |
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Net Sales |
6 650 000 |
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Cash flow |
Normal |
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LEGAL
FILINGS
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PATENTS |
No records found. |
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GOVERNMENT CONTRACTS |
No records found. |
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CASES |
Ragone v. The InterWire Group et al Plaintiff: Laura Ragone Defendant: The InterWire Group, InterWire Products, Inc., Inter-Wire Products,
Inc., Estate Of Frank Cardile Sr, Deborah Cardile, Joseph A. Klausner and
Alan H. Rothschild Case Number: 7:2017cv05705 Filed: July 27, 2017 Court: New York Southern District Court Office: White Plains Office Presiding Judge: Kenneth M. Karas Nature of Suit: Employment Cause of Action: 42:2000 Jury Demanded By: Plaintiff |
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TRADEMARKS |
No records found. |
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RENEWAL HISTORY |
No records found. |
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UCC |
No records found. |
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OFAC Sanctions List Search |
The company is not listed in the OFAC list. |
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SUMMARY
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Founded in 1981, Inter-Wire Products, Inc. is a mid-sized organization
in the metals service centers industry located in Armonk, NY. It has 100 full time employees and generates an estimated $6.6million
in estimated net sales. The company operates nationally and internationally, mainly importing
from Germany, United Kingdom, Italy, South Korea and China. It is ACTIVE in business with no negative records. |
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RISK
INFORMATION
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DEBTS |
Controlled |
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PAYMENTS |
No Complaints |
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CASH FLOW |
Normal |
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STATUS |
Active |
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INTERVIEW |
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NAME |
Jean |
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POSITION |
Sales |
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COMMENTS |
She confirmed the name of the company, the address of the headquarters
and location, the date of creation of the company, the number of employees
and the name of the President. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.84 |
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1 |
INR 88.28 |
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Euro |
1 |
INR 77.88 |
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US Dollar |
1 |
INR 63.73 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
VIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.